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UK Budget pension changes ‘could boost foreign property sales’

Posted by: In: Real Estate 19 Mar 2014 Comments: 0 Tags: ,

Real estate market commentators say boosts to pensions and savings schemes could lead to more being spent on overseas property but they are disappointed Stamp Duty went unchanged, apart from a commercial crackdown

Real estate experts have reacted to today’s ‘neutral’ UK Budget, which has imposed 15% stamp duty tax on homes worth more than £500,000 bought through companies, but has not otherwise changed stamp duty levels.

However, they welcome moves to boost saving and pension income, including allowing more freedom in choosing what to do with their pensions and stopping them having to buy an annuity at retirement, making tax-free Isas more “generous” and unveiling a million new pensioner bonds, which could encourage more people to invest in overseas property.

Chancellor George Osborne announced, “We are expanding the new tax we introduced to stop people avoiding stamp duty by owning homes through a company. We will expand the tax on residential properties worth over £2 million to those worth more than £500,000.”

Louise Reynolds, Director of overseas property agency Property Venture® says, measures to boost savings and pension funds may encourage more buyers to invest in real estate.

“It is welcome news the Chancellor has overhauled the savings and pensions system. …read more

Source: OPP



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